By Kevin Collison
The long-stalled Ashland on Third apartment development in the River Market has been purchased by a Minneapolis firm that’s expected to tweak the design and resume construction possibly by the end of this year.
Oaks Properties has bought the project from KC Commercial Realty Group. KC Commercial began work on what was expected to be a 94-unit, market-rate project almost two years ago, demolishing a building at 110 E. Third St.
Actual construction at the site never began and its remained a vacant, fenced lot since then.
Gabe Tovar, an investment sales advisor at Northmarq, who represented KC Commercial Realty, said that may change by year’s end.
“Oaks Properties is going to proceed with the development of the site and probably make some adjustments with regards to amenities and unit count,” he said. “They’re hoping to break ground before the end of the year.”
Oaks Properties also purchased the Centropolis on Grand apartment development in the River Market from KC Commercial Realty in February. That 56-unit project opened at 501 Grand in 2016.
Tovar described the Minneapolis firm as an investor and developer of multi-family residential properties.
The six-story Ashland project was approved by the City Council in early 2018 and was praised at the time for not seeking tax incentives.
The original design called for 82 one-bedroom units and 12 two-bedroom units with parking on the second and second level. Monthly rents were expected to range from $1,200- to $1,800.
The building also was have 5,181 square feet of retail space facing Grand Boulevard, Third Street and Walnut Street. The property is located next to the Third and Grand streetcar stop and across from the City Market.
“It’s a tremendous site and a rare, infill site,” Tovar said. “We anticipate they’ll move forward, the timing will depend on what they want to do with the project.”
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